Korean Metaverse Platforms are being developed by startups, corporations, and even the government in South Korea. As the metaverse industry grows in South Korea, many companies are vying for a piece of the pie. The South Korean government is investing heavily in the Metaverse, and large companies like Naver and SK Telecom are also taking notice. The Ministry of Science and Information and Communications Technology said they would spend at least $186 million to create a Metaverse ecosystem for South Korea. The Seoul Metropolitan Government also wanted to build Metaverse Seoul by 2023. There are also startups in Korea developing Metaverse platforms for many different industries.
Which of these Korean metaverse platforms will come out on top? Only time will tell, but it’s sure to be an exciting race to watch.
Zepeto is the Metaverse platform by Naver, Korea’s #1 search engine. It is the biggest Metaverse platform in South Korea, with over 300 million users globally. Of the 300 million, 285 million are from outside of South Korea. Companies and users on Zepeto have sold over 2.4 billion items, such as clothes, shoes, and anything that goes into virtual worlds. There are over 2 million creators on Zepeto, and they produce various digital goods.
Zepeto has partnered with global fashion brands like Nike, Gucci, Christian Dior, and Ralph Lauren. In addition, they have partnered with K-pop entertainment companies such as YG Entertainment and JYP Entertainment. For the rest of 2023, they will continue to partner with global companies.
Stan World is a K-pop Metaverse platform operator. They operate a fandom platform for famous Asian musicians, including K-pop stars. Their headquarters are based in Los Angeles, California, but their virtual studio is in Seoul. Users can choose their favorite artist and create a virtual avatar to communicate with others on Stan World. Users earn points through fandom activities which they can use to buy unique avatars and emoticons. While the platform is free, a monthly subscription option allows you to create items in Stan World.
Stan World raised $3 million from KB Investment and Strong Ventures for their Series A round. Now Stan World is valued at over $23 million, which doubles its valuation from last year.
Genie Music is an audio streaming platform that holds metaverse concerts. They held a metaverse concert of K-pop idol Jamie Park last year. It brought in over 300,000 visitors. Genie Music is a subsidiary of KT Corp, and its focus is the production and distribution of music. Their plans for 2023 will be to focus not just on metaverse concerts but also NFTs and AI-based music production. Some of this AI-based music include ASMR and background music.
Anipen is developing a Metaverse platform that joins deep learning with immersive content technologies like AR and VR. They have vast experience in the space because they also operate AnibeaR, an AR video content production service. AnibeaR can create short videos of realistic AR characters in real areas. With this, they created kiosks for taking memorable snapshots with realistic AR characters, an AR web TV show, and AR live services such as a real-time AR broadcasting solution. Now, they will look to create a fun, global Metaverse platform for both children and adults.
Spatial is one of the fastest-rising Metaverse platforms out there. While the founder is Korean, the startup is based in New York. They aim to create the world’s most extensive Metaverse gallery. Artists and collectors can freely interact and participate in the virtual space. Many artists have already sold NFTs on Spatial’s Metaverse platform. For the rest of 2023, their focus will be on constructing an open Metaverse so that various blockchain services can run on the forum. Currently, to log into Spatial, users will need to have Metamask, an Ethereum wallet.
The Seoul Metropolitan Government will develop a Metaverse ecosystem called “Metaverse Seoul.” It will combine digital twins and VR technology to improve Seoul’s services and support the virtual tourism industry in Korea. While not fully developed, users can create avatars and explore a virtual representation of Seoul’s mayor’s office. The long-term goal is to offer education, business development support, and support for city services such as filing taxes, complaints, and inquiries. Eventually, the project will provide virtual coworking spaces to allow citizens to work remotely. This project will ultimately be a 5-year plan, and the hope is for the Korean Metaverse Platform to be up and running by 2027.
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